TotalEnergies sells 25.5% of Seagreen Offshore Wind Farm to PTTEP

Seagreen has a total capacity of 1,075 MW as the deepest fixed-bottom wind farm in the world.

TotalEnergies has finalised an agreement with Thailand-based national oil and gas company PTTEP for the sale of its 25.5% stake of the Seagreen offshore wind farm for $689m (£522m).

As part of its new renewables business model, TotalEnergies will retain 25.5% of Seagreen, and SSE Renewables will maintain a 49% stake.

The purchase from PTTEP leads to an enterprise value of $4.3b, 13 times the expected average earnings before interest, taxes, depreciation, and amortization (EBITDA) for the next five years.

Alongside the sale is a memorandum of understanding (MoU) for the exploration of joint opportunities in the development of renewable energy.

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“PTTEP is also very delighted to extend its partnership and collaboration with TotalEnergies in offshore wind as well as other potential renewable energy to foster mutual business growth in the future. The success also marks a significant step for PTTEP in diversifying into the high-growth potential clean energy sector for a sustainable future”, Montri Rawanchaikul, CEO of PTTEP, said.

With a total generation capacity of 1,075 MW, the Seagreen offshore wind farm is the deepest fixed-bottom wind farm in the world. Operational since October 2023, it consists of 114 turbines, capable of supplying over 1.6 million homes or two-thirds of all homes in Scotland.